Ocwen Financial Corp (OCN) Releases Earnings Results, Misses Expectations By $-0.50 EPS

Ocwen Financial Corp (OCN) reported quarterly earnings results on Wednesday, Apr-27-2016. The company reported $-0.90 earnings per share for the quarter, missing the analyst consensus estimate by $-0.50. Analysts had a consensus of $-0.40. The company posted revenue of $330.76 million in the period, compared to analysts expectations of $346.28 million. The company’s revenue was down -35.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on Ocwen Financial Corp. Shares were Reiterated by Compass Point on Mar 3, 2016 to “Neutral” and Lowered the Price Target to $ 4 from a previous price target of $8 .

Ocwen Financial Corp opened for trading at $2.54 and hit $2.61 on the upside on Friday, eventually ending the session at $2.6, with a gain of 2.77% or 0.07 points. The heightened volatility saw the trading volume jump to 39,15,312 shares. Company has a market cap of $322 M.

In a different news, on Mar 14, 2016, Otto J Kumbar (EVP, Lending) purchased 50,000 shares at $2.92 per share price. According to the SEC, on Mar 4, 2016, Arthur C Jr Walker (SVP, Global Tax) purchased 10,000 shares at $2.26 per share price. On Nov 24, 2015, Timothy M. Hayes (EVP, Gen. Counsel & Secretary) purchased 2,000 shares at $6.46 per share price, according to the Form-4 filing with the securities and exchange commission.

Ocwen Financial Corporation (Ocwen) is a financial services holding company. The Company through its subsidiaries operates as a mortgage company. The Company operates in segments including Servicing and Lending. The Company’s Servicing business consists of its residential mortgage servicing business. The Servicing involves the collection and remittance of principal and interest payments received from borrowers the administration of mortgage escrow accounts the collection of insurance claims the management of loans that are delinquent or in foreclosure or bankruptcy. In the Company’s Lending business it originates and purchases conventional and government-insured forward mortgage loans through the direct wholesale and correspondent lending channels of its Homeward operations.

Ocwen Financial Corp

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